This is the third transaction the joint venture has completed with Burnham Pacific since late last year. The recently sold Richmond City Center is part of a portfolio of properties targeted for sale to Diversified under a previously announced sales agreement.
Diversified is acquiring the properties through the Retail Value Investment Program joint venture. Last year the joint venture bought two centers from Burnham for a total of $48.7 million. The properties, representing an approximate total of 465.999 sf, are located in San Diego and Bellingham, WA.
Developers Diversified owns and manages more than 260 shopping centers in 41 states with an excess of 60 million sf total under management. Prudential Real Estate Investors manages more than $11.3 billion in assets on behalf of 325 institutional clients.
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